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Darien finance committee projects $527,013 surplus; board has until June 30 to allocate
Summary
At its June 19 finance committee meeting the Darien Board of Education reviewed the May financial report projecting a $527,013 surplus, outlined sources of the surplus and the deadline to allocate funds before they revert to the town.
On June 19 the Darien Board of Education Finance Committee reviewed the district's May financial report and was told the district is forecasting a projected surplus of $527,013 for fiscal year 2025.
Business Manager said, "We are forecasting a projected surplus of $527,013," and explained the figure is a slight improvement of about $6,700 from April and the result of several small savings and higher-than-expected reimbursements.
The surplus is driven largely by special education reimbursements and several line-item savings. The Business Manager said special education revenue centers are forecasted positive by $511,009.56 while general education revenue centers are forecasted positive by $15,057, totaling the $527,013 projection. The committee was also told maintenance (RC 12) shows a positive balance of $10,065 from salary savings related to vacant HVAC and painter positions; both positions are expected to begin on June 30.
The Business Manager said legal fees (RC 24) are trending under budget by about $11,009.80 and noted a statewide increase in access-cost funding contributed to the larger reimbursement this year. The state added $40 million to access-cost funding for fiscal 2025, which the Business Manager said will raise the district's reimbursement rate to about 72.8 percent; two of three state installments have been received and the district's share of the remaining installment was expected the following week.
The report also noted program-level variances: early learning program (ELP) tuition will be short by just under $9,500 after late reclassifications of students to individualized education programs (IEPs), and RC 26 tuition ended the month about $99,485 below expectations. The committee confirmed that a prior board-approved transfer of roughly $55,000 for equipment (ViewSonic) is reflected in RC 15.
Committee members discussed the timing for deciding how to use the surplus. "You have until June 30 to spend that money," the Business Manager said; if the board does not allocate the funds by then the amount will be returned to the town at closeout. Book closing is handled after outstanding purchase orders and invoices clear; the Business Manager said there are about 280 open purchase orders and some charges such as electricity may not be billed until after June 30. The district aims to have its books closed by August to meet the state's EFS report, which the Business Manager said is due in early September; failure to submit the EFS has a fine of $10,000, but the committee was told the district has not missed the deadline in the past.
Food service was reported to be operating at roughly break-even for the year, with about $260,000 moved over to balance the program. The Business Manager said there are no new grants to report for the fiscal year and no budget transfers were proposed at the meeting. There was no public comment.
The finance committee adjourned after the review; no formal vote on allocation of the projected surplus was taken during the meeting.
